Nickel Metal Hydride (NiMH) Battery Market to Grow with a CAGR of 4.19% through 2028
Increasing demand for portable electronic devices and growing
adoption of hybrid electric vehicles are likely to drive the market in the
forecast period.
According to TechSci Research report, “Nickel Metal
Hydride (NiMH) Battery Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Nickel
Metal Hydride (NiMH) Battery Market stood at USD 2.08 billion in 2022 and is
anticipated to grow with a CAGR of 4.19% in the forecast period. One of the primary drivers of the global
Nickel Metal Hydride (NiMH) battery market is the sustained demand for NiMH
batteries in consumer electronics and various portable gadgets. These batteries
are favoured for their reliability, cost-effectiveness, and rechargeable
nature, making them an ideal choice for powering a wide range of devices. In
the realm of consumer electronics, NiMH batteries are commonly used in cordless
phones, remote controls, digital cameras, flashlights, portable gaming devices,
and numerous other handheld gadgets. Their ability to provide consistent and
stable power, coupled with their cost-efficiency due to reusability, appeals to
both consumers and manufacturers. Users appreciate longer usage times between
charges, reducing interruptions in their daily activities. As the consumer
electronics industry continues to evolve and introduce innovative gadgets, the
demand for NiMH batteries persists. Additionally, environmental consciousness
is driving consumers toward rechargeable batteries that can be used for an
extended period, aligning with the eco-friendly trends in the market.
The global shift toward renewable energy sources, such
as solar and wind power, has created a growing need for sustainable energy
storage solutions, and NiMH batteries are well-suited to meet this demand. NiMH
batteries are known for their reliability, long cycle life, and ability to
handle frequent charge and discharge cycles. In the renewable energy sector,
NiMH batteries are used in energy storage systems that store excess energy
generated during periods of high renewable energy production and release it
when demand is high or energy generation is low. These batteries play a crucial
role in stabilizing the energy grid, ensuring a consistent and reliable power
supply. Moreover, NiMH batteries have found applications in off-grid and remote
power solutions, providing dependable energy storage for telecommunications
equipment, off-grid residential power systems, and remote monitoring devices.
Their capability to store energy from intermittent power sources like solar
panels or wind turbines contributes to more sustainable and reliable off-grid
power solutions. As governments and industries prioritize renewable energy
integration and grid stability, NiMH batteries continue to be a vital driver in
the global energy storage market.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Nickel
Metal Hydride (NiMH) Battery Market.”
The Global Nickel Metal Hydride (NiMH) Battery Market
is segmented into type, application, component and region.
Based on type, Small-Sized Ni-MH Battery for Consumer
Electronics segment had the largest market share in 2022 & expected to
maintain in the forecast period. One of the primary drivers behind the
dominance of small-sized Ni-MH batteries is the widespread proliferation of
consumer electronics. These devices include cordless phones, digital cameras,
remote controls, flashlights, portable gaming devices, and a multitude of other
portable gadgets. In today's tech-savvy world, consumers rely heavily on these
devices for communication, entertainment, and convenience. As a result, there
is a consistently high demand for reliable power sources to keep these devices
operational. Small-sized Ni-MH batteries are rechargeable, which aligns
perfectly with the preferences of modern consumers. Unlike disposable
batteries, rechargeable Ni-MH batteries can be used repeatedly, significantly
reducing the long-term cost of powering consumer electronics. This
cost-efficiency appeals to budget-conscious consumers and contributes to the
segment's dominance. Ni-MH batteries are renowned for their reliability and
stable performance. In consumer electronics, consistency in power supply is
critical. Whether it's powering a cordless phone for uninterrupted
communication or a digital camera for capturing precious moments, consumers
expect their devices to work reliably. Small-sized Ni-MH batteries meet these
expectations by providing consistent and dependable power. In an era of growing
environmental awareness, small-sized Ni-MH batteries stand out as an
eco-friendly choice. They are rechargeable, reducing the number of batteries
that end up in landfills.
Based on application, Automotive segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. NiMH batteries played a crucial role in HEVs as they
provided the energy storage needed for electric propulsion alongside an internal
combustion engine. HEVs, such as the Toyota Prius, were among the early
adopters of NiMH battery technology. Their popularity and adoption in the
automotive market contributed to the growth of NiMH batteries. NiMH batteries
have a track record of reliability and safety, which is a paramount
consideration in the automotive sector. Consumers expect consistent performance
and longevity from their vehicles, and NiMH batteries were known for meeting
these expectations.
Major companies operating in the Global Nickel
Metal Hydride (NiMH) Battery Market are:
- Johnson Controls International PLC
- Sony Corporation
- Panasonic Corporation
- Saft Groupe SA
- Hitachi Maxell Ltd.
- Energizer Holdings, Inc.
- Varta AG
- GS Yuasa International Ltd.
- Primearth EV Energy Co., Ltd.
- GP Batteries International Limited
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“The Global Nickel Metal Hydride (NiMH) Battery market
is expected to rise in the upcoming years and register a significant CAGR
during the forecast period. NiMH
batteries are used in a wide range of portable electronic devices, such as
laptops, tablets, smartphones, and power tools. The increasing demand for these
devices is driving the demand for NiMH batteries. NiMH batteries are used in
hybrid electric vehicles (HEVs) as a power source. The increasing adoption of
HEVs is driving the demand for NiMH batteries. NiMH batteries are used as a
backup power source in telecommunications, medical, and other critical
applications. The rising demand for backup power is driving the demand for NiMH
batteries. Therefore, the market of Nickel Metal Hydride (NiMH)
Battery is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Nickel Metal Hydride (NiMH) Battery Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type
(Small-Sized Ni-MH Battery for Consumer Electronics, Large-Sized Ni-MH Battery
for HEV), By Application (Automotive, Cordless Phone, Dust Collector, Personal
Care, Lighting Tools, Electric Tool), By Component (Positive Electrode,
Negative Electrode, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Nickel Metal Hydride (NiMH) Battery
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global Nickel Metal Hydride
(NiMH) Battery Market.
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